Ministry of Trade, Industry and Energy

Exports of Korean eco-friendly cars increase 8.2% in October

The Ministry of Trade, Industry and Energy announced on November 14 that the Korean automobile industry’s green car exports improved 8.2 percent year-on-year to 23,555 vehicles in October. Overall auto exports, however, decreased 10.2 percent to 208,714 vehicles from a year earlier. In value terms, car exports slipped 2.3 percent to USD 3.8 billion.Automobile output fell 7.9 percent to 351,409 units, but this figure is higher than this year’s average monthly production, which is 326, date2019-11-15

Korean exports in October decrease 14.7% to $46.8 billion

The Ministry of Trade, Industry and Energy announced on November 1 that Korea’s exports in October decreased 14.7 percent to USD 46.8 billion from a year earlier. Imports saw a decline of 14.6 percent to $41.4 billion, resulting in a trade balance of a surplus of $5.4 billion.The decrease in exports was largely due to the U.S.-China conflict and other external uncertainties, as well as the stagnant semiconductor sector and a slowdown in the global economy.From November, exports are slated date2019-11-01

Online retail sales up 17.8% in September

The Ministry of Trade, Industry and Energy announced on October 30 that online retail sales in Korea went up 17.8 percent year-on-year in September. Sales at brick-and-mortar stores, on the other hand, decreased 5 percent. As a result, overall retail sales inched up 2.7 percent.These findings are based on surveys of 26 major retailers. Half of them are offline retailers: three department store chains, three hypermarket chains, three convenience store chains, and four super supermarket (SSM) oper date2019-10-30

Energy Ministry jointly hosts a renewable energy conference in Seoul

The Ministry of Trade, Industry and Energy (MOTIE) kicked off the opening ceremony of the Korea International Renewable Energy Conference (KIREC Seoul 2019) at COEX in Seoul on October 23.Held biennially, the international renewable energy conference is one of the renewable energy sector’s largest events, providing opportunities to discuss climate change responses and promote the use of renewables.Jointly hosted this year by MOTIE, the Seoul Metropolitan Government, and REN21, the conferen date2019-10-24

Korea’s ICT industry posts exports of $15.8 billion in September

The Ministry of Trade, Industry and Energy announced on October 21 that Korean exports of information and communications technology (ICT) goods in September decreased 22 percent to USD 15.8 billion from a year earlier. Shipments of mobile phone parts expanded, but those of semiconductors and displays contracted.ICT imports, on the other hand, grew 9.8 percent year-on-year to $8.8 billion. The trade balance in this sector was a surplus of $7.0 billion.By item, semiconductor shipments fell 31.5 pe date2019-10-23

Domestic car sales return to growth in September

The Ministry of Trade, Industry and Energy announced on October 17 that automobile sales in Korea rose 4.1 percent year-on-year to 133,016 vehicles in September following seven consecutive monthly decreases.Domestic sales of Korean-made cars inched up 1.0 percent to 110,465 units, and those of imported cars improved 22.5 percent to 22,551 units despite a decline in Japanese car sales (down 59.8 percent). Domestic sales of environmentally friendly cars also gained 10.3 percent to 9,656 units. Loc date2019-10-21

Korea, Indonesia conclude CEPA talks to expand economic cooperation

Korea’s Trade Minister Yoo Myung-hee and Indonesia’s Trade Minister Enggartiasto Lukita signed a joint statement marking the conclusion of negotiations of the Korea-Indonesia Comprehensive Economic Partnership Agreement (KI-CEPA) in Tangerang on October 16.The Agreement will strengthen the economic relations between the two countries by improving the cross-border flows of goods, services, people, and investment.Read the joint statement here: date2019-10-18

Korea unveils three key strategies to accelerate the future development of the car industry

The Ministry of Trade, Industry and Energy announced three key strategies to accelerate the future development of the car industry on October 15. Under this plan, Korea’s green car industry will seek to account for 10 percent of total eco-friendly car sales in the global market by 2030.Read the summary of the plan here: date2019-10-17